Shipbuilding giant HD Hyundai Group has made a €45m ($47.7m) investment in technology company Elcogen, an Estonian maker of fuel cells and electrolysers that produce green hydrogen.
The deal, which is subject to approval by Elcogen shareholders, will see HD Hyundai’s Korea Shipbuilding & Offshore Engineering (KSOE) take an unspecified stake in the Tallinn-based company.
The investment comes on the back of a research and development agreement forged by the two companies in January to test Elcogen’s solid oxide technology.
